§ 3053. Creation of the municipal assistance corporation for the city
of Troy; authorized indebtedness. 1. There is hereby created the
municipal assistance corporation for the city of Troy. The corporation
shall be a corporate governmental agency and instrumentality of the
state constituting a public benefit corporation. It shall have the
powers, privileges and duties of a corporation under title two of this
article and under this title. The corporation shall continue for a term
of one year after all its liabilities have been fully paid and
discharged. Upon the termination of the existence of the corporation,
all of its rights and property shall pass to and be vested in the state.

1-a. Notwithstanding the provisions of subdivision one of this section
or any other provision of law, upon payment in full of all outstanding
bonds or notes issued by the corporation under this title, and payment
of all amounts required to be paid to the United States Treasury for
tax-exempt bond rebate obligations, all remaining funds of the
corporation not needed in the determination of the board of the
corporation for operating expenses of the corporation, are hereby
authorized and directed to be paid directly to the city of Troy. The
determination of the board of the corporation of the amount of such
funds available to be paid to the city of Troy shall be final and
conclusive. In addition, upon payment of all outstanding obligations of
the corporation, including after completion of audited financial
statements of the corporation for the two thousand twenty-one fiscal
year, as well as any shortened audit for any portion of the two thousand
twenty-two fiscal year which may be determined by the board of the
corporation to be in the public interest, the existence of the
corporation may be terminated by resolution of the board of the
corporation at any time, but in no event later than one year after all
its liabilities have been paid.

2. Subject to the provisions of any contract with noteholders or
bondholders, the corporation shall not issue bonds and notes in an
aggregate principal amount exceeding seventy-one million dollars,
excluding bonds and notes issued to fund the bond reserve fund
established pursuant to section three thousand fifty-six of this title
and any bonds or notes issued to refund outstanding bonds and notes of
the corporation, for the purposes described in paragraphs (c), (d), (e),
and (f) of subdivision one of section three thousand fifty-seven of this
title.

2-a. In addition to the authority provided in subdivision two of this
section, the corporation may, until December thirty-first, nineteen
hundred ninety-nine, issue notes in an aggregate principal amount which
the chief executive officer certifies to the corporation is required by
the city to provide for purposes described in paragraph (b) of
subdivision one of section three thousand fifty-seven of this title,
without interruption, services essential to its inhabitants while
meeting its obligation to the holders of its outstanding securities to
December thirty-first, nineteen hundred ninety-nine, but not to exceed
two million dollars outstanding in the aggregate at any time (excluding
notes to fund the bond reserve fund established pursuant to section
three thousand fifty-six of this title). Such notes shall finally mature
no later than December thirty-first, two thousand. Such notes shall
mature within one year from their date of issue and may be renewed from
time to time, but each renewal shall be for a period not to exceed one
year. The terms of issuance of such notes shall not contain any
provision creating rights in the holders of such notes to convert such
notes to or exchange such notes for bonds of the corporation.

2-b. In addition to the authority provided in subdivisions two and
two-a of this section, the corporation may, not later than December
thirty-first, nineteen hundred ninety-eight issue bonds and notes in an
aggregate principal amount not to exceed two million dollars (excluding
any bonds or notes issued to fund the bond reserve fund established
pursuant to section three thousand fifty-six of this title and any bonds
or notes issued to refund outstanding bonds or notes) for the purpose of
funding capital projects within the city pursuant to subdivision (a) of
section three thousand fifty-seven of this title.

3. (a) No note or bond (i) shall mature more than thirty years from
the date of the original issue of such note or bond and, in any event,
not later than January first, two thousand thirty or (ii) shall be
issued on a date later than December thirty-first, nineteen hundred
ninety-nine, unless such note or bond is a renewal or refunding of an
outstanding note or bond.

(b) No bond shall be issued by the corporation for a purpose set forth
in paragraph (b) of subdivision one of section three thousand
fifty-seven of this title.

(c) Whenever all or a portion of a series of notes or bonds of the
corporation is issued for a purpose set forth in section three thousand
fifty-seven of this title to the extent that the payment of the proceeds
of such series is evidenced by a bond or bonds of the city, not more
than one year following a scheduled payment of principal on any such
city bond (including sinking fund installments), a substantially equal
payment of principal (including sinking fund installments) shall be
scheduled with respect to the notes or bonds included in such series of
the corporation.

4. The corporation is authorized to procure a bond or note facility
with respect to its bonds or notes issued pursuant to this section and
as security for the principal of and interest on any bonds or notes
issued pursuant to this section and for its obligations under any bond
or note facility the corporation may pledge any part of its revenues or
assets.

5. Whenever this title establishes a limit on the principal amount of
bonds or notes that the corporation is authorized to issue, there shall
not be counted against such limit (i) amounts certified by the chairman
of the corporation as reasonable to be used to pay the cost of issuing
such bonds or notes where such certification has been provided in
writing to the state comptroller and the city of Troy, (ii) the amount
of bonds or notes that would constitute interest under the Internal
Revenue Code of 1986, as amended, and (iii) the portion of any bonds or
notes issued to accomplish the purposes described in paragraphs (d) and
(e) of subdivision one of section three thousand fifty-seven of this
title to the extent necessary to pay interest to the date of redemption
or maturity, redemption premium, if any, or other similar costs relating
to the accomplishment of such purposes.

6. At the written request of the city, the corporation is authorized
to pledge, subject to the prior pledge of the corporation's revenues and
assets pursuant to its contracts with the holders of its bonds, notes or
other obligations, any part of its revenues or assets not to exceed one
hundred thousand dollars in any state fiscal year in favor of the
commissioner of environmental conservation to secure obligations of the
city related to post-closure care and potential corrective measures of
the city's landfill.